An extremely overlooked tax on the UMC and above: end of life care
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Poast new message in this thread
Date: June 5th, 2023 2:18 PM Author: erotic water buffalo
If you have any assets at all they'll be depleted if you have to live in a nursing home or require any long term care because Medicare doesn't pay for it.
Medicaid only kicks in after someone runs out of assets. So the people that don't have any never pay for long term care.
This is basically a wealth/inheritance tax on anyone that saves money.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46391993) |
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Date: June 5th, 2023 2:20 PM Author: erotic water buffalo
Yeah but then you are stuck in a Medicaid home and there are restrictions/downsides as the poster below said.
So basically if you don't have any assets the gov't is paying $50-$100k a year for you. If you do, you don't get any of that unless you run out.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392008)
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Date: June 5th, 2023 5:20 PM Author: erotic water buffalo
The point is it's silly because it just wipes away everyone's savings.
Give everyone the option for Medicaid style homes provided by the gov't.
It's essentially a wealth tax.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392646) |
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Date: June 5th, 2023 5:26 PM Author: razzle-dazzle coiffed home bbw
To be fair, "The point is it's silly because it just wipes away everyone's savings."
Ya, those without family to care for them and those who want to live a shitty quality of life rather than biting the bullet.
"It's essentially a wealth tax."
We should have a much stronger one, but this is all we got. Soon it will wealth test your kids.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392659) |
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Date: June 5th, 2023 2:28 PM Author: carnelian chapel degenerate
they wld need a subpoena u faggot, THE MAJESTY OF THE LAW DEMANDS IT. for ppl applyin for medicaid there is no way they are goin to investigate every single person, faggot
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392054)
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Date: June 5th, 2023 2:39 PM Author: razzle-dazzle coiffed home bbw
To be fair, for certain care and benefits care for elderly, it is asset-based.
HTH
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392094)
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Date: June 5th, 2023 2:43 PM Author: carnelian chapel degenerate
TBF, yea but how wld they even verify, just cause u sign under penalty of perjury doesnt mean it has to be true... one weird trick
Besides income, your assets will be counted toward meeting eligibility requirements. Countable assets include checking and savings account balances, CDs, stocks, and bonds.
In most states, you can retain up to $2,000 as an individual and $3,000 for a married couple outside of your countable assets. However, these amounts may vary depending on the state in which you live.
7
Your home, your car, personal belongings, or your savings for funeral expenses remain outside of countable assets. If you can prove other assets are not accessible (because they are in an irrevocable trust, for example), they too are exempt. A house must be a principal residence and does not count as long as the nursing home resident or their spouse lives there or intends to return there.
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(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392112) |
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Date: June 5th, 2023 3:44 PM Author: razzmatazz state
You're correct in that the IRS can't just go peering into your bank account balances w/o a court order
However, they don't need to do that. They can just wait for a bank to 1099 you. Any 1099 at all is going to set off red flags when you're supposed to be destitute.
Furthermore, when you're at the point where you need to go into a nursing home, you're generally incapable of making your own decisions (or soon will be), so someone with a power of attorney is going to be involved. You might be willing to risk a fraud charge when you're decrepit and dying, but your POA won't have the same risk tolerance.
Finally, good luck to your heirs at getting hidden assets out of your estate when you do kick the bucket.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392336) |
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Date: June 5th, 2023 3:27 PM Author: erotic water buffalo
Fine I guess I could have phrased it better.
My point is that the UMC loses out on a benefit that everyone else gets worth potentially hundreds of thousands to a million dollars. But they are the ones paying for it.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392272)
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Date: June 5th, 2023 2:40 PM Author: chartreuse exciting market
This is why you have lots of kids and maintain strong, healthy relationships with them so they can help care for you and coordinate care they can't do themselves
Also get long term care insurance
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392099) |
Date: June 5th, 2023 2:58 PM Author: buff office messiness
You have to distinguish between assisted living/long term care and skilled nursing facility care. For the latter, Medicare pays only for the first 20 days, then you pay $200/day co-pay through day 100. Some Medigap plans will cover the co-pay. Beyond day 100 you are on your own without additional long term care insurance. My experience with skilled nursing care is that it can be $25K-50K/month depending on where you live and what's wrong with you.
Long term care or assisted living is not covered by Medicare at all. It typically costs $3K/month in a group home up to much more in a deluxe facility and depending upon your level of care.
Medicaid will cover skilled nursing, but not every place takes it. You will be booted out of skilled nursing if you are not showing improvement. Long term care, which is more custodial, is also covered by Medicaid, but again, not every place takes it. From what I have seen the places that take Medicaid as not as nice as the ones that do not.
Medicaid qualification varies by state. The income limit is something like $2700/month and the asset limit is $2K. There is some variability as to what is included/excluded from state to state, but in general it's a low amount. You may be able to keep a house, but the state usually has the right to recover what they spend on you from sale of the house after your death.
It is possible to put assets into a Medicaid asset protection trust. The trust is irrevocable and must be begun at least 5 years before you need the funding. That way you can pass the asset test without handing over everything to them first.
Long term care insurance can be purchased to pay some or all of care costs. It's expensive, the benefits may not cover all costs, and you are counting on the policy not being terminated before you need it. I have elected not get it. My wife and could live more cheaply in long term care (not skilled nursing) than we do at home. We could both get into a really nice place for $12-20K/month, meals included.
I got into all of this when my sister needed long term care. I elected to avoid Medicaid for her, though she would have qualified. I think the care is of a lower level and the Medicaid long term care places were horrible in her area. I just paid the freight rather than subject her to that. She was in assisted living for nearly 6 years. I was able to get her VA benefits through her late husband's service which defrayed some of the cost.
Most people don't spend a long time in skilled nursing. Either you get better or you die. Medicare does allow you to go in and out, so you can spend 100 days (if you have a good supplement) in skilled nursing, get out for a while, incur a new condition (or have the old one flare up), then go back in for another 100 days.
It's a service you pay for. In the old days aged folks moved in with relatives and just died because medicine was not so advanced. Now you can take your time exiting.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392167)
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Date: June 5th, 2023 5:00 PM Author: buff office messiness
Yes, that's right. I figure if we're in assisted living we're not going to be needing a bunch of cars/clothes/vacations/groceries/utilities, etc. How much care you can get in assisted living varies with the place. Normally the base includes food, housing, housekeeping, meds management and some recreational stuff. If you need PT or OT, home health care normally does that. Some assisted living places will handle IV drug administration/respiratory therapy, etc. Most of them will provide bathing, etc. It varies.
In the last place my sis was in there was a woman who was completely paralyzed and had to be lifted out of bed, bathed, fed, etc. She married the guy who lay on his bed and stared at the ceiling all day. After marriage he sat in a chair by her bed and stared at the wall all day.
In another place there was a poor woman named Judy, who was completely immobile and curled into a fetal position all the time. One night as I was leaving she called me into her room and asked me to call a taxi for her. I asked her where she was going, and she said, "Vegas!"
My sister, who always liked men, liked to get her baths from the gay black nurse. She really liked him. I don't think she got that he was gay.
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392587) |
Date: June 5th, 2023 3:11 PM Author: Brass theatre personal credit line
I will have transferred all my assets and wealth to my kids by 70yo and I’ll live on cat food from then on
dying with money is TTT
(http://www.autoadmit.com/thread.php?thread_id=5350818&forum_id=2#46392201) |
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